37 INSIGHT | Nine Months 2020, improvement in Q3 “The results for the first nine months of 2021 confirmed we have returned to pre-pandemic levels,” commented Chief Executive Officer Valerio Battista. “The recovery was positive across all businesses at a global level, with signs of further improvement in the third quarter. In particular, the Energy segment continued to show resilience and good recovery capacity. Telecom improved as well, driven by the demand recovery, chiefly in the USA, and by a better demand-supply balance in China. Projects resumed positive organic growth, with projections for a strong recovery in the fourth quarter. The strong organic sales growth was accompanied by a marked increase in Adjusted EBITDA and an improvement of margins, achieved also thanks to our customer focus and operating efficiencies that limited the impact of the increase in raw material prices and shipping costs. The recent mega projects in the United States have brought the total value of projects acquired year-to-date to €2.3 billion, confirming the leading role our Group is playing in the energy infrastructure development and upgrade plans. Although we confirm the prudence inherent in our management approach, I am confident we will be able to achieve the high end of the Adjusted EBITDA target range (€920 million-€970 million) set for FY 2021”. Valerio Battista Chief Executive Officer SALES €9,294M, organic growth at +11.4% vs 9M 2020 (+1.5% vs 2019) TREND ACCELERATED IN Q3 with +13.2% organic growth ADJUSTED EBITDA jumped to €725M (+12.1) ENERGY ADJ EBITDA significantly above 2019 pre-pandemic levels GROUP'S NET PROFIT UP soared to 255M (+82.1%) ACCELERATION TO NET ZERO CO2 emission target increased in the LTI Plan SOLID CASH GENERATION LTM Free Cash Flow at €553M FY 2021 TARGETS Confident of achieving high-end of the FY2021 ADJ EBITDA range (€920M-€970M)
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